Homeowners insurance covers a wide range of losses to your home and property. The most common homeowners insurance claims include wind damage, hail, theft, fire, and flooding. There are also many other incidents that can lead to frequent homeowners insurance claims.
Wind and Hail Account for the Most Claims
Nearly half (45.5%) of all homeowners' insurance claims are weather-related, including hail, wind and flooding. Insurance Information Institute states that homeowners insurance costs for weather-related claims will average $13,955 per claim in 2020. Most of the damages come from hurricanes, tornadoes, and hail.
Make sure that you are familiar with your policy and the terms of your claim before you submit it. It will help you to get the maximum benefit from your insurance.
Watch out for Recurring Losses
You should typically only file a claim for homeowners insurance if your home has suffered a major loss. It's because filing too many claims can negatively affect your rate, and may even result in the cancellation of your policy.
This is because most insurers share a database of all claims with each other and use it to determine their risk levels. This database records all claims filed by homeowners.
A claim adjuster will then visit the property to assess damage and determine repair costs. To support your claim, they will ask for documentation such as photographs or home inventory lists.
The cost of repair and replacement depends on many factors. From the area of damage to the type of materials used to fix the damage. This is why it's important to obtain estimates from local contractors and to provide a detailed list of damaged items before submitting your home insurance claim.
Also, you should consider the amount of deductibles that will be required for repairs. You can also decide if it's worthwhile to file a claim. The deductible you pay is usually a percentage of your repair or replacement expenses.
A homeowner's insurance claim is also subject to the statute of limitation. This varies by state, and also by insurance company. It's best to contact your insurer for more information about when you can make a claim.
Be patient when filing your homeowners insurance claim
The processing and completion of your home insurance claims may take several months or even many years. Your insurance company will take some time to send an adjuster out to inspect the damages and estimate repair cost. Waiting a long time can be stressful for you and your family.
It can be difficult to handle a homeowner's insurance claim
The process of filing a home insurance claim can be difficult, frustrating and stressful. It is possible to reduce stress by speeding up the claim process.